Capital Funding Group closes $179.8M loan for Emerson Lakes senior living campus

Sarasota County, Florida, October 9, 2025

News Summary

Capital Funding Group closed a $179.8 million construction loan to finance phase one of Emerson Lakes, a continuing care retirement community in Sarasota County, Florida. The financing supports site work and vertical construction for four phase-one buildings — a community building and three residential structures — that will deliver 319 independent living units. Erickson Senior Living is the borrower, developer and future manager of the multi‑phase campus, which is planned to cover 87 acres and ultimately include 1,015 independent living units plus 130 continuum care units. The loan follows prior financing between the same lender and developer.

Capital Funding Group closes $179.8M construction loan for Emerson Lakes retirement campus in Sarasota County

Staff report — Oct. 8, 2025

What happened: A Baltimore-based mortgage lender completed a $179.8 million construction loan to back the first phase of a new continuing care retirement community being built in Sarasota County, Florida. The financing was finalized on Sept. 22, 2025 and was arranged for the nationwide retirement community developer and manager that is leading the project.

Why it matters: The loan will fund the initial buildings that will set the tone and capacity for the larger campus. The move also marks the lending firm’s second construction loan for the same developer in recent months, signaling an ongoing lender-developer relationship on large, multi-phase senior living projects.

Key details up front

The loan supports phase one of the project, known as Emerson Lakes. Phase one includes four structures: one community building and three residential buildings with a combined 319 independent living units. When fully built out, the campus is expected to cover 87 acres and include 1,015 independent living units plus 130 continuum care units.

Who’s involved

The lender is a mortgage company headquartered in Baltimore, which has a dedicated senior housing team led by a managing director focused on that sector. The developer and future manager of Emerson Lakes is a company with nationwide experience in developing and operating retirement communities and is headquartered in Catonsville.

This financing follows another large construction loan the lender arranged for the same developer in August, a $185 million deal that supported the first phase of a separate retirement community under development in Bethesda. Company leadership described the work as reflecting a strong lender-developer partnership and noted the lender’s ability to structure sizable, multi-phase transactions in the senior housing space.

Project scope and timeline

Phase one focuses on delivering the initial community amenities and living units to begin occupancy and establish on-site services. The financing closing date was late September 2025, and the loan proceeds are earmarked for on-site construction costs tied to the four phase-one buildings. The full campus build-out will come in later phases, growing capacity from the initial 319 independent living units to more than 1,000 independent living units and additional continuum care capacity.

Local and sector context

Continuing care retirement communities are often built in phases to keep upfront costs aligned with demand and to allow operators to open parts of the campus while later components are constructed. Large construction loans such as this one are typically structured to cover hard construction costs, certain soft costs and contingency reserves for phased projects of this size. The lender’s recent activity in senior housing illustrates continued investor and lender interest in the sector despite the extended timelines such projects can require.

Additional notes

The announcement of the loan was released in early October 2025 and appeared alongside business and legal headlines as well as event listings and reader-ranking features on the site where it was posted. The lender emphasized this deal as a follow-up to its prior work with the same developer and framed it as part of a broader strategy to support multi-phase senior living developments.

FAQ

{
“@context”: “https://schema.org”,
“@type”: “FAQPage”,
“mainEntity”: [
{
“@type”: “Question”,
“name”: “What is Emerson Lakes?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “Emerson Lakes is a continuing care retirement community under development in Sarasota County, Florida, planned as an 87-acre campus with independent living and continuum care units.”
}
},
{
“@type”: “Question”,
“name”: “How much was the construction loan?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “The construction loan closed at $179.8 million and was finalized on September 22, 2025.”
}
},
{
“@type”: “Question”,
“name”: “What does phase one include?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “Phase one consists of four buildings — one community building and three residential buildings — totaling 319 independent living units.”
}
},
{
“@type”: “Question”,
“name”: “Who is developing and managing Emerson Lakes?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “A nationwide retirement community developer and manager headquartered in Catonsville is responsible for the project’s development and future operations.”
}
},
{
“@type”: “Question”,
“name”: “Is this the lender’s first project with this developer?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “No. This was the lender’s second construction loan for the same developer. In August, the lender closed a separate $185 million construction loan for another retirement community development in Bethesda.”
}
},
{
“@type”: “Question”,
“name”: “What will the finished campus include?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “Once fully completed, Emerson Lakes is expected to include 1,015 independent living units and 130 continuum care units across an 87-acre campus.”
}
}
]
}

Key project facts

Deeper Dive: News & Info About This Topic

Additional Resources

• The Daily Record: Baltimore-based lender finances Fla. retirement community
• Wikipedia: Emerson Lakes / Erickson Senior Living
• Reuters: Capital Funding Group press release
• Google Search: Capital Funding Group Emerson Lakes
• Baltimore Fishbowl: Mayfair Place development moving ahead
• Google Scholar: Mayfair Place construction loan Baltimore
• Multi-Housing News: Construction begins on 182-unit community near Baltimore
• Encyclopedia Britannica: senior housing construction Florida
• SmartCitiesDive: Office-to-residential conversions and multifamily distress
• Google News: office to residential conversion multifamily distress

Author: Construction CA News

CALIFORNIA STAFF WRITER The CALIFORNIA STAFF WRITER represents the experienced team at constructioncanews.com, your go-to source for actionable local news and information in California and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Rose Parade, Coachella, Comic-Con, and the California State Fair. Our coverage extends to key organizations like the California Building Industry Association and Associated General Contractors of California, plus leading businesses in technology and entertainment that power the local economy such as Apple and Alphabet. As part of the broader network, including constructionnynews.com, constructiontxnews.com, and constructionflnews.com, we provide comprehensive, credible insights into the dynamic landscape across multiple states.